Malaysia Dialog Group said on Wednesday that its subsidiary Dialog E&C Sdn Bhd has signed an integrated contract worth 1.9 billion ringgit ($631.1 million) with Pengerang Independent Terminals (PIT) in the country's southernmost state of Johor, Reuters reports.PIT is a special purpose vehicle that is linked to the Johor state, and will be used to provide petrochemical and oil and gas tankage facilities for vessels including Ultra Large and Very Large crude carriers.
Dialog added that the project would commence immediately and expected to be completed by 2014.
"The scope of work of the project involves the engineering, procurement, construction and commissioning on an alliancing basis of the first phase of an independent deepwater petroleum terminal," Dialog said in a statement released to the exchange.
The project was not expected to have any material effect on the earnings of Dialog for the current year ending June 30, but was expected to contribute positively in the future.
Dialog added that the project would commence immediately and expected to be completed by 2014.
"The scope of work of the project involves the engineering, procurement, construction and commissioning on an alliancing basis of the first phase of an independent deepwater petroleum terminal," Dialog said in a statement released to the exchange.
The project was not expected to have any material effect on the earnings of Dialog for the current year ending June 30, but was expected to contribute positively in the future.